Fred Trump gets $10 million FHA government funding for Shore Haven

The Trump Timeline

Sources linked at end of page.

Statistics

Related Topics

On January 12, Fred Trump purchases property to build Beach Haven apartments for Navy personnel in Virginia Beach and was overcompensated with loans from the Federal Housing Administration. Fred Trump and his partner received at least $3.5 million more from the FHA than the cost to build his first two apartment complexes (Shore Haven and Beach Haven).

It was later found out that the FHA gave Fred Trump $10.4 million in funds for Shore Haven, his first FHA-backed apartment complex, but the money was divided amongst three separate land purchases as a loophole. There was a $5 million limit on government project financing.

The FHA was created in 1934 to ensure affordable housing for the growing population but changed course after World War II to enrich already successful builders.

Sources

FHA Investigation, page 52

Trump: The Deals and the Downfall by Wayne Barrett (Excerpt)

Photograph: Jack Smith/NY Daily News Archive, via Getty Images

Trump File is working to get this story and others like it in front of as many voters as possible before the November election, and our reach depends on you! Can you help us on our mission with a donation today?

Click below to be redirected to ActBlue.

Get More Trump Secrets in Your Inbox

Statistics

Related Topics

Also On Trump File